

Equities stretched; Bitcoin blowing up
We would expect some consolidation into June, while defensive assets (e.g. Gold or the Yen) make further progress. Bitcoins have just topped, we believe we have entered a worthwhile correction...


Macron – Buy The Rumour, Sell The News
The win of Mr. Macron seems to have been widely anticipated by the market. This leaves risk assets at expensive levels in terms of risk/reward...